Our work and daily lives have changed in ways we never thought possible. I don’t think any of us could have ever imagined moving not just individuals, but entire teams and companies to work from home for an extended period of time. But because of this shift, we have seen areas come to light in all types of processes where changes and improvements are needed. Automation and digitization are at the top of the list as answers to the roadblocks presented.
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With restrictions to work from home, many organizations are realizing they are too dependent on office-based (or paper-based!) processes. And unfortunately, many of these processes are used each and every day, if not hour, in the running of their businesses. I was very excited...and felt validation on behalf of all of my Accounts Payable friends...when I recently read an article by Mark Maurer in The Wall Street Journal titled, “CFOs Look to Ramp Up Automation Investments Amid Pandemic.” This article discusses investing in automation for core financial processes including invoice automation as being critical right now! In addition, the article highlights the intended savings of Eastman Chemical of $20-40 million this year due to digital and productivity investments. And it also highlights Sean Douglas, the CFO of Huntsman Corp, discussing their need to focus on automation of their shared services.
Amid this pandemic, automation seems to be on the minds of organizations of all sizes to enable a remote workforce while maintaining supplier relationships. Where is your focus and could your teams benefit from Accounts Payable automation or Accounts Receivable automation?